Financial institutions around the world keep a close eye on blockchain technology. This new technology can introduce a lot of positive changes over time. Kuwait Finance House is planning to join RippleNet. This particular bank wants to achieve instant blockchain payments sooner rather than later.
RippleNet is the blockchain payments venture by Ripple. So far, the venture has garnered a lot of attention from banks in Asia. Over 100 members are conducting experiments and proofs of concept with this technology. Unlocking the full potential of blockchain-based cross-border payments will not be easy. A lot of research has yet to be done in this regard.
Another Major Partner for RippleNet
Kuwait Finance House is the first Kuwaiti bank to join RippleNet. Considering how these institutions need to be Sharia-compliant, a blockchain venture is always a bit controversial. However, the institution is confident this technology will improve its Sharia-compliant products overall. Moreover, it allows them to offer competitive and cheaper cross-border payments in the Middle East and beyond.
A Kuwait Finance House spokesperson comments as follows:
“This is great news for the Kuwait Finance House, as it continues to add solid foundations to the major banking partnerships. The fact that KFH is the first bank in Kuwait to operate in this way will pave the way for more customers to access services through the RIBL network”
KFH is the First Bank in Kuwait to Join RippleNet for cross-boarder Instant Payments utilizing blockchain technology
— Kuwait Finance House (@KFHGroup) May 26, 2018
This global leader in Islamic banking is taking a big step forward. With operations active across seven regions, RippleNet can be a valuable addition. It is also another major notch in the belt for Ripple, which continues to make a global impact. Rapid international transfers can benefit virtually all banks in the world. However, it requires innovative technology to make any major impact. It seems RippleNet checks all of the right boxes in this regard.
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